In the meantime, we are still waiting for the resolution of various bankruptcy incidents and, among them, claims that concern assets that are not part of the assets of Silverpoint. The operations carried out in this regard must be reported by the Bankruptcy Administration, on a quarterly basis.
Otherwise, the plan includes the proposal for sale by public auction of various properties and movable assets of Silverpoint.The most significant is a challenge to the transmission of vacation packages worth more than € 30,000,000.00 that the Bankruptcy Administration claims to be affected by propter rem obligations amounting to about € 29 million (that, as of today, are pending justification). In view of the proposed transactions, we have highlighted discrepancies in relation to various transactions that, as we understand it, may affect the interests of the creditors.The liquidation plan is the instrument that orders, organises and structures the realisation of the patrimony and the payment to the creditors, depending on the qualification of their credits and the available assets. It should be remembered that the opening of the liquidation phase determined the cessation of the Company Administrators, who were replaced for all purposes by the Bankruptcy Administration. (¨Silverpoint¨) is currently subject to liquidation operations, in accordance with the Provisional Liquidation Plan proposed by the Bankruptcy Administrator. Below is our lawyer´s summary of the key developments of the bankruptcy proceedings to date. The Silverpoint bankruptcy administrator has just published his quarterly report.
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